Jane Edwards
Clarksburg, Maryland-based Robotic Research has raised $228 million in a round of Series A financing and will use the investment to enable its RR.AI division to expand, drive innovation and deliver autonomous driving platforms for transportation and logistics markets.
Alberto Lacaze, co-founder and president of Robotic Research, said in a statement published Thursday the investment reflects the company’s efforts in building autonomous platforms for U.S. government clients and will provide the needed resources to meet the rising customer demand and commercial programs.
RR.AI is Robotic Research’s commercial division that has delivered robotics and autonomous mobility systems to the defense sector for 20 years.
Among the investors that participated in the funding round are SoftBank Vision Fund 2, Enlightenment Capital, Luminar Technologies, Crescent Cove Advisors and Henry Crown and Co.
Robotic Research’s AutoDrive technology has been used in Class 8 trucks, yard trucks and heavy-duty transit buses.
UBS Investment Bank served as Robotic Research’s financial adviser and placement agent in the transaction. Cravath, Swaine & Moore and Covington & Burling acted as legal adviser and special counsel, respectively, to the autonomous mobility company.
